Business News

5 things you need to know today

  • Twitter shares have surged after reporting their first profitable quarter and a growth in ad sales, however the tech firm is still struggling to attract new users. Twitter stocks at one point rose more than 23% in pre-market trading to $US33.28 per share after the company released its financial results.
  • The Australian dollar has dropped below 78 US cents, down from 78.25 US cents on Thursday marking a 2018 low. The key event risk for the local currency today will be the Reserve Bank of Australia's statement of monetary policy and the Australian Bureau of Statistics' housing finance lending data for December, both due out in the morning.
  • The Dow Jones Industrial Average has plummeted by more than 1,000 points, for the second time this week, as rising interest rates are behind the continuing market wipeout. US 10-year government bond yields lifted as high as 2.8% - its highest level in four years. Markets markets are also concerned about the prospect of higher inflation as the US economy strengthens.
  • French shoemaker Christian Louboutin has tried, unsuccessfully, to trademark the colour red, which appears on the sole of his famous sky high stiletto shoes. The European Union's highest court dealt a blow to his request, with an advocate general of the court saying that the red soles were not a separate entity from the shape of the high heeled shoe.
  • Volatility has spiked again, as the global sell-off returned to sink the European and US stock markets. The Dow Jones closed its day 4.2% lowerat 23,858. The S&P 500 also closed 3.75% lower at 2,581. The Nasdaq composite fell 3.9% and ended its day on 6.777. To Europe, and the FTSE fell 1.5% to 7,171 and the DAX -1.6% at 12,260.

Published on: Friday, February 09, 2018

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